Nashik Zilla Girna Sahakari Bank Limited

RBI cancelled the licence of Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra. The bank must cease banking business, and liquidation has been sought.

The bank can no longer conduct banking business, including accepting or repaying deposits, with immediate effect. The winding-up/liquidation process is to be initiated, and depositors will rely on DICGC insurance coverage up to ₹5 lakh per depositor, subject to eligibility and statutory provisions. The effective cessation date stated in the release is the close of business on September 26, 2023.

• Section 11(1) of the Banking Regulation Act, 1949
• Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949
• Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949

+2 more in the case brief

RBI extended its existing Section 35A directions on Nashik Zilla Girna Sahakari Bank Limited, Nashik. The directions will continue for another three months, from July 19, 2023 to October 18, 2023.

The bank remains subject to the existing RBI directions during the extended period, with the same operational conditions continuing unchanged. The restriction affects the bank’s operations until October 18, 2023 unless modified earlier on review, and depositors/customers remain subject to whatever limits or conditions the underlying directive imposes.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Section 35A directions on Nashik Zilla Girna Sahakari Bank Limited for three more months. The order continues unchanged, subject to review.

The bank remains subject to the same RBI operating restrictions for the extension period, with no change to the underlying conditions. Customers and counterparties are affected to the extent that the existing directions continue in force until July 18, 2023, unless reviewed and changed earlier by RBI.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the period of its existing Section 35A directions on Nashik Zilla Girna Sahakari Bank Limited, Nashik. The original terms continue unchanged for three more months.

The bank must continue complying with the existing RBI directions through April 18, 2023, with no change in the operating conditions imposed by the original order. Customers and counterparties remain subject to the same restrictions and oversight until the directive is reviewed again.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI placed Nashik Zilla Girna Sahakari Bank under Section 35A restrictions. The bank cannot take several core banking actions and depositor withdrawals are effectively blocked, subject to limited conditions.

The bank must operate under RBI-imposed restrictions from July 18, 2022 for six months unless modified earlier. Customers face severe limits on withdrawals and the bank cannot expand lending, investments, liabilities, or asset transfers except as allowed by the directions. The RBI may later modify the restrictions depending on the bank's financial condition.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Section 35A directions on Nashik Zilla Girna Sahakari Bank Ltd. for six more months. The order leaves all other terms unchanged.

The bank continues to operate under the same RBI restrictions until March 9, 2018, subject to review. Customers and counterparties remain affected by the ongoing operational constraints imposed under the Section 35A directions, and the bank must continue complying with all unchanged terms of the directive.

• Section 35A of the Banking Regulation Act, 1949

RBI extended its existing directions on Nashik Zilla Girna Sahakari Bank Ltd. for another six months. The prior terms continue unchanged.

The bank remains subject to the existing operational restrictions for the extension period, with the same terms and conditions continuing through September 9, 2017. Customers and depositors continue to face the consequences of the directions, and the bank must comply with the unchanged RBI conditions until the order expires or is modified.

RBI partially relaxed the directions on Nashik Zilla Girna Sahakari Bank Ltd., Nashik by permitting limited set-off of loans against fixed deposits and renewal of certain CC limits. The change was made to an existing directions regime rather than imposing a new restriction.

The bank gains limited additional operational flexibility, but only within the conditions stated by RBI. Depositors and borrowers may be affected by the bank's ability to adjust eligible deposits against loan dues and renew certain credit limits, while third-party deposits and restricted deposits remain protected from adjustment.

RBI extended its existing directions on Nashik Zilla Girna Sahakari Bank Ltd. for another six months, continuing the withdrawal cap. The bank remained subject to operating restrictions through March 09, 2017.

The bank continues to operate under RBI-imposed restrictions, and depositors can withdraw only up to ₹20,000 per account relationship, subject to any dues owed to the bank being adjusted first. The restrictions remain in force until March 09, 2017 unless further modified or extended by RBI.

RBI extended its directions on Nashik Zilla Girna Sahakari Bank Ltd., Nashik, till September 9, 2016. The bank remained under account-withdrawal restrictions, with only a limited withdrawal of up to ₹10,000 per account permitted.

The bank continues to function under RBI-imposed restrictions until September 9, 2016. Depositors can withdraw only limited amounts per account, and any depositor who also owes money to the bank may see withdrawals adjusted against borrowal liabilities first. The restriction affects customers' access to funds and the bank's normal deposit-related operations.